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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
For 3Q25, the Macquarie Large Cap Growth Fund delivered a positive return of 4.76% (Institutional) but underperformed its benchmark, the Russell 1000 Growth Index, which rose 10.51%. Underperformance was driven by a highly volatile, momentum-led 'rally of extremes' favoring low-quality and speculative stocks, combined with the fund's lack of exposure to Tesla and detractions from ICE and Intuit. The fund manager remains highly disciplined, drawing warning parallels to the 2000 tech bubble. Notable portfolio changes during the quarter included initiating positions in Vulcan Materials Co. and Advanced Micro Devices Inc. (AMD), and fully eliminating Equinix Inc.
True outperformance is achieved over market cycles by investing in high-quality growth businesses with dominant competitive positions, attractive net margins, and strong ROA, rather than chasing low-quality, highly volatile thematic rallies.
The manager remains cautious about the market's overconfidence in the AI juggernaut, noting that many fundamental risks (business models, regulation, power consumption, and hardware requirements) remain unresolved. While not predicting the exact timing of a market reset, they warn that current risks remain underappreciated. They plan to navigate this by strictly maintaining their 'quality-first' approach to US growth businesses.
As of Sep 30, 2025
Bradley Klapmeyer has served as portfolio manager since 2016, bringing extensive experience in large-cap growth investing with a CFA charter. Bradley Angermeier joined as co-manager in 2021 following the Ivy Investments acquisition, also holding a CFA designation. Both managers emphasize fundamental analysis and quality-focused stock selection, seeking companies with durable competitive advantages and strong growth prospects. Their combined experience spans multiple market cycles, providing institutional investors with seasoned leadership for the fund's concentrated growth strategy.
The fund employs a quality-first investment approach rooted in the belief that focused portfolio investing provides the best path to durable compounding results. The strategy utilizes bottom-up fundamental analysis focusing on profitability, growth, and structural competitive advantages. Investment decisions are based on rigorous fundamental research emphasizing quality factors such as capital returns, asset efficiency, cash flow, and stability to identify companies with sustainable competitive advantages. The fund seeks large-capitalization companies with strong profitability, growth potential, and competitive moats such as brand loyalty or proprietary technology.
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
High-conviction positioning: The Macquarie Large Cap Growth Fund underperformed a hyper-volatile, AI-driven market in 3Q25, returning 4.76% versus 10.51% for its benchmark. The fund continues to prioritize its...
Growth Outlook
Market outlook remains moderate conviction: The Macquarie Large Cap Growth Fund underperformed a hyper-volatile, AI-driven market in 3Q25, returning 4.76% versus 10.51% for its benchmark. The fund continues to prioritize its...
Risk Appetite
Risk appetite posture is low conviction: The Macquarie Large Cap Growth Fund underperformed a hyper-volatile, AI-driven market in 3Q25, returning 4.76% versus 10.51% for its benchmark. The fund continues to prioritize its...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Macquarie Large Cap Growth Fund underperformed a hyper-volatile, AI-driven market in 3Q25, returning 4.76% versus 10.51% for its benchmark. The fund continues to prioritize its...
Forward Guidance
Forward guidance signal: The Macquarie Large Cap Growth Fund underperformed a hyper-volatile, AI-driven market in 3Q25, returning 4.76% versus 10.51% for its benchmark. The fund continues to prioritize its...
Language Signal
Tone analysis indicates above average conviction language: The Macquarie Large Cap Growth Fund underperformed a hyper-volatile, AI-driven market in 3Q25, returning 4.76% versus 10.51% for its benchmark. The fund continues to prioritize its...
Perceived Risk
Perceived risk level is evaluated as high conviction. The Macquarie Large Cap Growth Fund underperformed a hyper-volatile, AI-driven market in 3Q25, returning 4.76% versus 10.51% for its benchmark. The fund continues to prioritize its...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. The Macquarie Large Cap Growth Fund underperformed a hyper-volatile, AI-driven market in 3Q25, returning 4.76% versus 10.51% for its benchmark. The fund continues to prioritize its...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Macquarie Large Cap Growth Fund underperformed a hyper-volatile, AI-driven market in 3Q25, returning 4.76% versus 10.51% for its benchmark. The fund continues to prioritize its...
Top Conviction Themes
Key Catalysts
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